Sam Altman (the OpenAI CEO) is in preliminary negotiations with Worldcoin to acquire $100 million in investment. The goal of this project is to establish a coin that is internationally dispersed and cooperatively owned.
Key Highlights
- Open AI CEO Sam Altman’s crypto project Worldcoin is on the verge of raising $100 million in new investment.
- The project’s creators released a cryptocurrency wallet called World App earlier this week.
- The ultimate objective of the company is to develop a biometric verification method that allows access to crypto without losing privacy.
Worldcoin’s goal is to enable Biometric Verification
Alex Blania, Altman, and Max Novendstern co-founded Worldcoin, with development on the project starting in early 2020.According to Worldcoin officials, the project’s goal is to “address two issues” posed by the increasing complexity of artificial intelligence.
Meanwhile, Worldcoin is gearing up to deploy its blockchain technology and begin recording transactions within the “next six weeks,” after previously functioning in beta.
The ultimate purpose of the Worldcoin project is to introduce biometric verification standards used in banking apps, for example, to the realm of cryptocurrency. To yet, crypto wallets have trailed behind their equivalents in terms of biometric authentication.
In other words, the business behind the initiative, Tools for Humanity, seeks to preserve the anonymity and accessibility of cryptocurrencies, which do not require any official paperwork or identity numbers to deal with. Altman’s ambition, on the other hand, is to provide tighter user verification using biometric authentication.
To do this, the business created the Orb, a biometric imaging gadget. However, unlike traditional banking, the Orb does not link biometric profiles to other identifiable aspects. Instead, it is only a method of proving humanity.
In other words, Tools for Humanity, the firm behind the initiative, seeks to preserve the anonymity and accessibility of cryptocurrencies, which do not require any official paperwork or identity numbers to interact with. Altman’s ambition, on the other hand, is to bring greater user verification based on biometric authentication.
To do this, the business has created the Orb, a biometric imaging gadget. However, unlike in traditional finance, the Orb does not link biometric profiles to other identifiable elements. Instead, it is merely a method of proving humanity.
The data it collects is subsequently saved to the Polygon network. However, it is not consistent with other identifiers, such as a user’s name.
Worldcoin Launches Crypto Wallet
Worldcoin introduced its own gas-free crypto wallet for verified people on May 8.Tiago Sada, a member of the Worldcoin team, recently stated that the wallet was created so that “there is an alternative wallet that is solely focused on simplicity.
World App is the Worldcoin ecosystem’s crypto wallet. It may be used to verify identification using World ID. It may also be used to transfer and receive Worldcoin and other digital assets.
World ID is a digital passport that enables users to establish their unique identity without jeopardizing their anonymity by disclosing too much personal information.
